Gifts such as cash, credit card transactions, securities, personal property and real estate, provide immediate gratification that your contribution is supporting our core operations, maintaining the Museum’s outstanding collections and facilities, and furthering our education outreach efforts. The Museum also recognizes your gift as a tax deductible contribution.
Check and credit card gifts are one of the most simple and convenient ways to support the Museum. Your gift will be put to immediate use once it has been received via mail or online. In order to receive a tax deduction in the current year, your gift must be received online by December 31 or postmarked by December 31 of the current year. If you itemize in the year of the contribution, the gift is deductible up to 50% of your adjusted gross income. Any excess deductions can be carried over and used for as many as five additional years. Actual tax savings are dependent upon your tax rate as well as other factors.
Real estate, such as a residence, farm, commercial property or undeveloped lot, can fund your gift to the Museum. Such a gift affords significant tax and income advantages, helps avoid capital gains taxes on the property’s appreciation, and reduces concerns for your heirs. Further, the transfer is not subject to the gift tax and the gift reduces your taxable estate. When you make a gift of real property held for more than one year, you receive an income charitable tax deduction equal to the property’s full fair market value up to 30 percent of your adjusted gross income. Any excess deductions can be carried over and used for as many as five additional years.
Securities which have risen in value and have been held for more than one year are ideal for gifting to the National Corvette Museum. As stock prices increase, so do the taxes you owe on the capital gains, which are generally charged at a rate of 15 percent (5 percent if you are in the 10 percent tax bracket).
When you donate publicly traded stocks owned for more than one year, you avoid all capital gains taxes. You will also benefit from a tax deduction for the full fair market value. Fair market value is determined utilizing the average of the high and low share price on the gift date. Amounts up to 30 percent of your adjusted gross income may be deducted during the year of the gift, with any unused deductible amounts carried over and used for as many as five additional years. Please contact us for stock transferring procedures.
Donations of Corvettes as well as Corvette related memorabilia, literature, art and research documents are most welcome at the National Corvette Museum Library and Archives. Our Museum staff is not permitted to furnish appraisals. It is the responsibility of the donor to obtain appraisals of donated objects from a qualified independent appraiser, in accordance with IRS Form 8283. For additional information and inquiries, please contact Sharon Kinser via phone (270) 467-8831 or email [email protected].
